Bitcoin, Ethereum, Dogecoin, and Solana: these are the coins that were mentioned during the proceedings of the first day of FTX founder Sam Bankman-Fried’s criminal trial. But the exchange’s native token, FTT, went notably unnamed.

Within crypto circles, the token’s precipitous drop last November goes hand-in-hand with FTX’s sudden collapse. But as federal prosecutors presented their opening statements in New York district court, there was an apparent effort to ease jurors into the realm of digital assets.

“This man stole billions of dollars from thousands of people,” Assistant U.S. Attorney Thane Rehn said to jurors, pointing at Bankman-Fried as he tried to capture the case’s essence. “He spent other people’s money for himself.”

FTX filed for bankruptcy last year after a steep drop in FTT’s price sparked a fatal flurry of withdrawals. The exchange’s inability to get customers their money as they darted for the exit door ultimately forced FTX to admit it did not hold 1:1 reserves of customer assets.

Crypto news site CoinDesk had reported that

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Author: André Beganski

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